Iraq and Saudi Arabia intend to set up a border economic zone to promote trade and joint investments, Iraq’s Industry and Minerals Ministry has said.

A statement published by the Iraqi Shafaq news agency said Industry and Mineral Resources Minister Khalid Najm approved the plan at a meeting of a committee created recently to oversee the project.

The project, similar to an Iraq-Jordan border economic zone, will comprise free trade and industrial zones and is intended to facilitate movement of goods, promote joint projects and approve the establishment of companies and banks from both countries, the statement said.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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